Leading technical and industrial brush manufacturer, Yew Lee Pacific Group Bhd has involved themselves in an underwriting agreement with M&A Securities Sdn Bhd in line with its upcoming initial public offering (IPO) on Bursa Malaysia’s ACE Market.
According to a statement from the company, the IPO exercise involves the public issue of 133.1 million shares and an offer for the sale of 26.62 million shares made available to selected investors.
From the public issue, 26.62 million shares will be made available for application by the public via balloting by the public, and 15.97 million shares will be allocated to its eligible directors and employees through pink forms and 66.55 million to Bumiputera investors approved by MITI.
Commenting on the occasion, Yew Lee’s Managing Director, Ang Lee Leong said, “We are delighted to be working with M&A Securities on our IPO as this underwriting agreement marks the first stage of the path towards our eventual successful listing on the ACE Market of Bursa Securities.”
"This listing will help us to raise the capital needed for our expansion plans while at the same time, boost our brand visibility in the industrial brush industry.”